Barney Frank, chairman of the House Financial Services Committee, which will have influence over how Congress writes financial market oversight this year, offered a more sympathetic posture toward SEC staff, saying he had spoken with enforcement officials in Boston and elsewhere. “There’s no suggestion that any of them were less than diligent; there were some structural flaws here, but in my experience, it would not be appropriate to blame any of them.”

Really? You mean receiving a letter saying “The World’s Largest Hedge Fund is a Fraud” about the fact that the world’s largest hedge fund actually WAS a fraud, and not being able to figure that out, that is not less than diligent???? The hardest part about due diligence remains actually doing it.

Recommendation: There is every suggestion that Barney Frank is less than diligent. And no, I don’t think it’s just some structural flaws.

Barney Frank is well versed in not doing due diligence. Such as when he claimed to have no knowledge that his boyfriend (whom he had paid for sex in the past) was running a gay prostitution ring out of Frank’s apartment.

I’m sure that overlooking the ring was also a structural issue rather than a lack of due diligence on Frank’s part.

come on – only because his boyfriend is a sporty surfer and about 30 years than him doesn’t necessary mean that he’s paying for sex. You forgot other possible reasons (mental disability or wanting to inherit something)

Careful, now. If you’re implying that having a certain appendage in your mouth while making public statements is “inappropriate”, Barney Frank will have his buddies harass you into your grave for being anti-gay.

Obama said about ten times in December: “There is only one President at a time”.

B. Frank replied to C-Span: “I think Mr. Obama is overestimating the number of Presidents we have right now.”

I instantly forgave him for all his past mistakes, including the obvious mistake of being Barney Frank in the first place.

Long or Short?

At Long or Short Capital LLC, we leverage our superior intellect and extensive investing experience to recommend explicit Long or Short positions and related abstract trades, which may or may not be possible with real world financial derivatives. We use science to improve the lives of the rich.More About LoS